Global Service Robotics Market is Expected to Reach Around USD 17.2 billion by 2020

Global Service Robotics Market is Expected to Reach Around USD 17.2 billion by 2020

Global demand for service robotics market was valued at USD 6.5 billion in 2014, and is projected to reach at USD 17.2 billion by 2020, growing at a CAGR of 17.8% by 2020

Zion Research has published a new report titled “Service Robotics Market (Professional Service Robots And Personal Service Robots) Market For Health Care, Defense, Agriculture, Entertainment, Logistics, Aerospace, Infrastructure, Research And Development And Others Applications: Global Industry Perspective, Comprehensive Analysis And Forecast, 2014 - 2020.” According to the report, global demand for service robotics market was valued at USD 6.5 billion in 2014 and is expected to generate revenue of USD 17.2 billion by end of 2020, growing at a CAGR of slightly above 17.8% between 2015 and 2020.

Browse the full "Service Robotics Market (Professional Service Robots And Personal Service Robots) Market for Health Care, Defense, Agriculture, Entertainment, Logistics, Aerospace, Infrastructure, Research and Development and Others Applications: Global Industry Perspective, Comprehensive Analysis And Forecast, 2014 - 2020" report at  http://www.marketresearchstore.com/report/service-robotics-market-z53046

A service robot is a robot that performs useful tasks such as lawn mowing, automatic floor mopping, dishwashing, and many more for humans apart from their industrial uses. Service robots are used in industries and for domestic purpose to assist human in performing job which are recurring and hard for humans to perform. Furthermore they are used to perform everyday jobs that are repetitive, dull, dangerous, and dirty. There are two major types of service robots such as professional service robots and personal service robots. Personal service robots used for a non-commercial job and professional service robot used for a commercial task and operated by a well trained operator.

Strong demand for service robots in defense sector are expected to be the major drivers for the global service robotics market. Growing rapid industrialization, constant technological advancements to develop autonomous and safe robots are predicted to fuel market growth. Further, increase in the demand from urban households for domestic cleaning, home security and surveillance are expected to support the service robotics market growth in the near future. However, high price associated with development may curb the demand for service robotics within the forecast period. Nonetheless, the rising application areas globally are expected open new avenues for the market growth over the next few years. Moreover, ongoing research & development in the field of service robotics is expected to offer potential opportunity for the market growth in the near future.

The service robotics market is segmented on the basis of different products including professional service robots & personal service robots. In 2014, a professional robot was the largest segment in service robotics market. This segment is expected to continue its dominance in global market throughout the forecast period and accounted for over 64.1% share of the total market. A personal service robot was another key outlet for service robotics market in 2014.

A range of application segments of service robotics market includes health care, defense, agriculture, entertainment, logistics, aerospace, infrastructure, research and development and others. Defense sector was leading segment in service robotics market and it accounted for over 16% market share of total market in 2014. Health care sector was second largest segment of service robotics and accounted for over 13% market share of total market in 2014. Pharmaceutical is expected to witness grow at sluggish rate in the near future.

Demand for service robotics was the highest in North America owing to the rising use of service robotics in defense sector. North America followed by, Asia-Pacific and Europe in terms of demand for service robotics. Asia Pacific was predicted to be the fastest growing region due to the growing economies in the region such as China, India, and Japan  among others.

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